Event-specific disclosure requirements for occupational and personal pension schemes
Event-specific disclosure requirements for occupational and personal pension schemes

The following Pensions guidance note provides comprehensive and up to date legal information covering:

  • Event-specific disclosure requirements for occupational and personal pension schemes
  • Flexibly accessing pension benefits
  • Sending an annual statement of contributions to members of personal pension schemes
  • Leaving pensionable service before normal pension age
  • When entering into a ‘transaction’ (as defined in money laundering legislation)
  • Where an early leaver leaves with a right to a cash transfer sum or a contribution refund
  • Where member requests information about transferring out
  • Bulk transfer without member consent
  • Appointment of independent trustee
  • Proposed refund of surplus
  • more

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL AND PERSONAL PENSION SCHEMES

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations), which came into force on 6 April 2014, lie at the heart of the disclosure regime applicable to occupational and personal pension schemes. However, other disclosure requirements may be found in a piecemeal fashion in other parts of pensions legislation.

This Practice Note focuses on the disclosure requirements that exist outside of the 2013 Disclosure Regulations.

For information specific to the 2013 Disclosure Regulations, see Practice Note: Disclosure requirements applicable to occupational and personal pension schemes from 6 April 2014.

In this Practice Note, references to 'trustees' include the managers of a contract-based scheme.

Flexibly accessing pension benefits

While the 2013 Disclosure Regulations contain disclosure requirements that are designed to give members with money purchase or cash balance benefits (known as flexible benefits) information about what they can do with their flexible benefits and the available pensions guidance, other information requirements apply under the Registered Pension Schemes (Provision of Information) Regulations 2006, SI 2006/567, from 6 April 2015 to ensure that if an individual accesses their benefits flexibly, the scheme is made aware of this and both the member and HMRC receive the correct tax information. These disclosure requirements apply not only to scheme administrators of